Catalyst Financial Partners LLC Raises Position in Bank of America Co. (NYSE:BAC)

Catalyst Financial Partners LLC increased its stake in shares of Bank of America Co. (NYSE:BAC) by 5.5% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 29,066 shares of the financial services provider’s stock after acquiring an additional 1,513 shares during the period. Catalyst Financial Partners LLC’s holdings in Bank of America were worth $1,153,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Fairway Wealth LLC purchased a new position in shares of Bank of America in the second quarter valued at $27,000. Delos Wealth Advisors LLC boosted its position in Bank of America by 402.2% in the 1st quarter. Delos Wealth Advisors LLC now owns 683 shares of the financial services provider’s stock valued at $26,000 after buying an additional 547 shares during the last quarter. POM Investment Strategies LLC grew its stake in shares of Bank of America by 839.0% during the second quarter. POM Investment Strategies LLC now owns 723 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 646 shares in the last quarter. Bbjs Financial Advisors LLC purchased a new stake in shares of Bank of America during the second quarter worth about $30,000. Finally, Clearstead Trust LLC lifted its stake in shares of Bank of America by 1,489.3% in the first quarter. Clearstead Trust LLC now owns 890 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 834 shares in the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on BAC. Evercore ISI raised their price objective on Bank of America from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Oppenheimer raised their price target on shares of Bank of America from $49.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Jefferies Financial Group upped their price target on shares of Bank of America from $39.00 to $41.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Morgan Stanley raised their price objective on shares of Bank of America from $47.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Finally, Cfra reissued a “sell” rating and issued a $39.00 target price on shares of Bank of America in a research report on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $42.69.

Bank of America Price Performance

Shares of NYSE:BAC opened at $42.34 on Thursday. The stock’s 50 day moving average price is $40.44 and its 200 day moving average price is $39.73. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market cap of $328.54 billion, a price-to-earnings ratio of 15.40, a PEG ratio of 1.42 and a beta of 1.33. Bank of America Co. has a 12 month low of $25.72 and a 12 month high of $44.44.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. The business had revenue of $25.30 billion during the quarter, compared to analyst estimates of $25.25 billion. Bank of America had a return on equity of 10.09% and a net margin of 12.48%. The company’s revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.90 earnings per share. Equities research analysts anticipate that Bank of America Co. will post 3.26 earnings per share for the current fiscal year.

Bank of America Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, December 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.46%. Bank of America’s dividend payout ratio (DPR) is 37.82%.

Bank of America declared that its board has authorized a stock repurchase plan on Wednesday, July 24th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 7.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Bank of America

In related news, insider Lindsay D. Hans sold 10,901 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the completion of the sale, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, major shareholder Berkshire Hathaway Inc sold 5,035,018 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $39.65, for a total value of $199,638,463.70. Following the completion of the transaction, the insider now owns 928,460,939 shares of the company’s stock, valued at approximately $36,813,476,231.35. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Lindsay D. Hans sold 10,901 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $36.91, for a total transaction of $402,355.91. Following the sale, the insider now directly owns 10,907 shares in the company, valued at approximately $402,577.37. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,078,718 shares of company stock valued at $4,548,920,425 in the last quarter. Insiders own 0.29% of the company’s stock.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.